UPDATE: Oppenheimer Downgrades Emerson to Perform on Lack of Catalysts to Growth

Oppenheimer reduced its rating on Emerson

from Outperform to Perform and lowered its price target from $57 to $53. Oppenheimer commented, "We are downgrading shares of EMR to Perform from Outperform, based on lack of high conviction catalysts to drive multiple expansion, and nearterm risk associated with exposure to capital spending. Initial guidance outlook for msd-hsd EPS growth appears a potentially more opportunistic backdrop for expectations, but does include a combined 17c headwind from pension and overlapping stock compensation plans (partially offset by ~6c favorable from lower restructuring spend, and material restructuring benefits)." Emerson closed at $48.36 on Monday.